Why is Funeral Insurance for Parents Important? Have you entered the stage of life where you are caring for your parents and looking ahead to their needs in their twilight years? With the older generation getting larger every year, more and more middle aged children are finding themselves needing to plan for their parents’ financial needs.
Caring for your parents includes making sure arrangements are in place for their final expenses to be paid and wishes to be carried out upon their death. Funeral Insurance for parents can help you put these things in place.
Avoid Unexpected Funeral Costs by Planning Ahead
Aging parents have often taken care of their financial arrangements for retirement and affording their senior years but haven’t thought ahead to paying funeral expenses and final expenses. That leaves their family on the hook for paying the high cost of burial expenses. One way to avoid this huge funeral bill is to secure funeral insurance for your parents. By arranging for your parent’s funeral insurance, you are making a wise investment against being hit with an unexpected financial burden at a time that is already difficult upon your parents’ passing.
Choosing the Right type of Funeral Insurance for Parents
As you consider getting funeral insurance for your parents, it is important to consider how to choose the right type of burial insurance. There are a few questions to consider as you move forward. First, what are your parents burial wishes and what are the average funeral costs in your area. Assurance Life assists clients with this process nationwide, so we can help you calculate the average burial expenses no matter where your parents live.
The second consideration is whether there will be any debts that need to be paid upon your parents’ passing. By including these amounts in the death benefit, you will protect yourself and your parents’ estate from paying final expenses out of pocket. The third consideration is if your parents would like to leave any monetary amounts to you other other family members. Once these steps are thought through, you can determine the amount of funeral insurance your parents need.
How to Start the Process of Funeral Insurance for Parents
After the death benefit is chosen, Assurance Life will begin the simple and hassle-free process of getting your parents approved for their funeral insurance. Sometimes funeral insurance is also called whole life insurance or burial insurance. The type of insurance policy used for funeral insurance is whole life insurance because it covers the client for their WHOLE life, as long as the monthly premium is paid. This means the policy will not expire and the rates NEVER go up, regardless of age or health so you and your parents’ funeral costs will be paid for and your family will be protected in your time of need.
No Exam Needed- Simple and Easy
Assurance Life works with many different insurance companies meaning we work for YOU and your parents, not one specific insurance company. The companies we use do not require any medical exam and the applications are easy to understand with simple yes and no questions. When you go through the process of getting funeral insurance for your parents, it will give you and your parents peace of mind to know their needs will be taken care of.
Who will own your Parents’ Funeral Insurance Policy?
Once the process is underway, you will want to decide with your parents who is the “owner” of the whole life insurance policy, meaning who is responsible for the premiums. Are you seeking burial insurance to protect yourself from paying for your parents’ final expenses because they cannot afford to pay for their own insurance or do they want to pay for the policy and you are helping them find the best policy?
If you are paying for the policy, you will be the “owner” of the policy. Your parents must consent being the insured person under the burial insurance policy and you will have to state that you are a family member who would endure a financial strain upon your parents’ death because of having to pay for the funeral costs and cremation expenses. This is a standard question and a common occurrence with funeral insurance for parents.
Why use Assurance Life?
It is important to use an insurance broker so you will get the most coverage at the lowest cost for your parents’ funeral insurance. Assurance Life uses well known companies such as Mutual of Omaha, AIG, Gerber Life Insurance, Family Benefit Insurance, and many more. Many seniors have health conditions such as heart disease, diabetes, high blood pressure, smoking complications, and COPD. With so many insurance companies to work with, we are able to get your parents’ burial insurance with the company that specializes in their exact needs.
Levels of Funeral Insurance for Parents
Once the simple application is submitted for a FREE QUOTE, Assurance Life will determine which level of coverage your parents are able to receive. The goal is to get the best coverage at the lowest price. Most applicants qualify for preferred level coverage. This means the burial insurance begins on DAY ONE- the first day the policy is effective. The next level is graded coverage for those with some health conditions.
This type of final expense insurance phases in the percentage of the death benefit paid out over the first two years. Finally, for those with very serious health problems- not to worry EVERYONE IS APPROVED. We are able to get a guaranteed issue policy for those who cannot qualify for preferred or graded. These policies have a two year wait but if your parents pass before that time, you will receive a refund of all premiums paid in plus interest.
Now is the time to secure funeral insurance for your parents. Get a FREE QUOTE with Assurance Life and have the peace of mind knowing your parents’ final expenses will be taken care of.